The Apollo-managed fund will remain the controlling shareholder of the UK housebuilder, whch was established in 1934 and now operates across 11 regional offices and delivers homes across England, Scotland and Wales.
he business is targeting 7,000 new homes a year across multiple tenures, up from its current rate of 5,000 per year. There will be no change to Miller Homes’ management team, strategy, capital structure or day-to-day operations as a result of the transaction. Miller Homes will continue to operate under its existing brands, Miller Homes and St. Modwen Homes, with the added benefit of long-term support from two leading global investors.
Stewart Lynes, chief executive officer at Miller Homes, said, “Today’s transaction marks a significant milestone for Miller Homes. The support of the Apollo team has been instrumental in successfully executing on our growth strategy to date and we are pleased to be welcoming Daiwa House as a long-term strategic partner. Their expertise, in conjunction with Apollo, will further strengthen the Miller Homes business as we continue our focus on delivering high-quality homes for our customers across the UK.”
The transaction is subject to satisfaction of certain closing conditions, including regulatory approvals, and is expected to close later this year.